August 19, 2024
Philippines' agriculture and fisheries production declines by 3.3% in Q2 2024
The value of production in the agriculture and fisheries sector in the Philippines, measured at constant 2018 prices, fell by 3.3% in the second quarter of 2024.
Total production for the quarter amounted to PHP 413.91 billion (US$7.3 billion), according to official figures. The decline was primarily driven by reduced output in the crop and livestock subsectors, despite increases in poultry and fisheries production.
Crop production, valued at PHP 220.04 billion (US$3.8 billion), registered an 8.6% decrease compared to the same period in 2023. This subsector accounted for 53.2% of the total value of agricultural and fisheries production in the second quarter. Notably, the value of corn production fell by 20.3%, contributing significantly to the overall decline.
In the livestock subsector, the value of production contracted by 0.3% year-on-year, amounting to PHP 63.33 billion (US$1.1 billion). Livestock represented 15.3% of the total agricultural and fisheries production during this period. swine production, the major component of livestock output, saw a slight decrease of 0.2% compared to the previous year.
In contrast, poultry production posted an annual growth of 8.7%, reaching PHP 70.15 billion (US$1.2 billion) in the second quarter of 2024. Poultry made up 16.9% of the total production value, with all commodities in this subsector experiencing increases.
The fisheries subsector also saw growth, with a 2.2% year-on-year increase in value, amounting to PHP 60.40 billion (US$1.06 billion). Fisheries accounted for 14.6% of the total production value during the second quarter of 2024.
- Philippine Statistics Authority
